The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-07-30

HONEY 2 TO 8 PER CENT, NEW
YORK EXCHANGE 1.S PREM.
Cotton QaIet and steady-Middllng
Cotton, a3c-Saies Today
800 Bales.
APPEAL OFFICE,
FGIDAY EveSISe, July 20, 1887.

FGIDAY BveSISe. July %, 1857.
The banks report q sufficient
amount Of money on hand to supply
business requirements, with rate to
8 per cent.
No tIansactione were had at the
Stock Call Board session today, the
bids and offerings we're featureless.
The local cotton msrkes closed quiet
and steady, with decline OF to on all
grades. The sales were 800 bales, and
sales for the week 8 o bales.
At New Orleans spots closed easy
and of Lice; futures steady and of 8
to Is points on the old crop and 8 to 6
points decline on the new.
Liverpool spots closed somewhat ir-
regular and unchanged, and futures
declined 1 to 8 points. The Exchange
closed at / O'Clock, and will not be
opened until mex. Tuesday.
New York spots closed easy and of
3.l6c. Futures closed steady, 81 points
of on August; the old crop months
were TO points lower.
A presB dispatch from New York
says OF the future market: "There
was great excitement among the brok.
ers in the Cotton Exchange this morr-
ing, and August cotton broke SO
points, carrying the price down to
9.S7c. The drop was due to declins
OF 4 points In Liverpool, equal to IL
points here, aud heavy selling OF long
cotton, though the bulls. claimed that
August was raidsd 10 some oxtent.
A good many stop orders wsrs caught
and when August reached 10 cents ell
support seemed to be withdrawn,
whereupon there was q wild scramble
to sell. August wss the center Of at.
traction aud' the sales we're very
heavy. Il was reported that the bull
cliques, led by Solomon Ranger and
john II. InmaD, we're selling.
"rhess leaders are ta!d TO have
taken hold OF the ball deal when
Julius Rnnge recently dropped II with
burned fingers. Some commended that
the drop today was engineered by the
bulls 10 encourage short interest or
to make q scoop, but generally the
selling was attributed to the decline in
Liverpool, favorable crop reports
from the South and the desire Of longs,
big and little, TO get out. New cotton
was offered from Southern Texas for
immediate shipment to New York,
which is said 10 be something almost
unprecedented ut this time OF the
year."
The Bankers Association, of Obi.
cago, have had under consideration
for some time the subject OF reforms
In the present form of checks and
drafts. Recently Ger ain changes and
rules were formulated which were
recommended fjr adoption by oil the
banks and bankers Of Chicago. These
changes are a. follows:
First-The adoption OF drafts and
checks which shall be uniform In 90
lar 90 concerns the position Of the
number and the amount expressed In
figures.
STANDARDIZATION OF tho positions
for number and emount suggested.
Third-Atoption Of the suggestion
that oil iatbe OF line work, where used
As O back. round for the amount, be
discarded.
Foufth-Discontin OF all per.
foration, which pit. rsise or roughen
that part VI the check OF draft upon
which tho amount Ia fixed.
The Arguments used 10 urge the
adoption OF thees systems were:
Flrst-The amount, In figures, upon
every check, should be 90 placed that
the eve would the most surely and
mechanically note the figures, the all.
ing out u the body and the signature.
Seoond-Ths smount in figures
should be written where II cannot be
covered up by the thumb OF the left
hand, As tba. baud lifts the check for
inspection, preparatory 10 lis entry
upon any book OF record.
Third-It ehOuld oe 90 placed that |
the column In The book OF entry and
the amount on the check would be In
close proximity, reducing 10 q mini |
mum the distsrcs which the eyes
must shift, In Inspection, from check |
10 journal, aud from Journal to check.
Fourth-TGe AMOUNT should no In
such petition that calling back can
be as speedily performed as Ia the
counting OF money.
These lour conditions are the neces. |
stiles OF peifec' check or draft. But |
one pOHition for the amount can be |
chosen, w: the extreme right center.
The numne should DO placed rea.
sonably near the amount for purpo sss |
OF ournal entry, since numbers are
often matters OF record, but not 90
near % TO lead 10 error or confu zion,
In cases whore numbers are written !
With the pen.
IL seems 10 be clearly understood |
that DO interference with the exercise |
oil individual taste, In 30 far 90 regards |
the shape, see or general design OF
suy check or draft, IL either intended |
or thought advisable. The bankers OF |
Cbicaeo have agreed In this matter
only upon the p siiio1 Of the number
and the nonnV expressed In figures.
!. These recommend tons have been
H'since adopted by all tue Chicago banks
and bankers who are now DESTROYS OF
extending the system throughout the |
country. A committee has been ap
pointed, w1ich will, OIL August Let |
prox address circulars % all the banks
In the United States, explaining the
proposed changes and soliciting CO.
operation.
IMPORTS.
Two hundred and eighty axis bran,
10 bils bss5s and peas, IL pkgs butter,
Il al A. l.
boots aud shoes, bu corn, AZ pkgs
cheese, 800 sks c1tton seed, 2 cars
cotton seed, 72 pkgs dry goods, 25
pkgs eggs, 625 brls -four, 922 bales hay,
% pkgs hats, 81 bid cattle, 80 nd
horses and mules, $1,000 feet lumber,
20 pkge liquors, 3 cSn lime, 100 brls
meal, .i0OO bu osie, 3 cars pork sides,
100 bIls sugar, 322 pkgs tobacco, 1900
bu wheat.